Word: transite
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Dates: during 1940-1949
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...sympathizers, however, defended the work of their spirited night owls last night. They observed that the letters in M.I.T. are all straight lines, and could be laid down with a surveyor's transit and a slide rule...
Hounded by State Street merchants, by the newspapers and by the electorate, Ed Kelly started all over again. This time he called in Phil Harrington, a crack city traction engineer, and asked him to help figure out a new plan. Harrington suggested the establishment of a Chicago Transit Authority which, with private capital, would buy up all the facilities and operate them as an independent agency...
...Kelly did not intend to be thwarted again by the Commerce Commission. He went to Springfield and talked bipartisan turkey with Governor Dwight Green. Soon afterwards, in 1945, the state legislature passed a law setting up the Transit Authority. In another referendum, Chicago voters approved...
...Salle Street Help. Only one hurdle remained: selling $105 million worth of bonds. Underwriters were wary; big institutional buyers might shy away from the issue because the Transit Authority, having no taxing powers, would have to rely solely on earnings to meet its obligations. But finally, hoping to do a big business with small investors, a syndicate headed by the La Salle Street firm of Harris, Hall & Co. took on the job. On Aug. 6, the issue went on sale. By last week, it was entirely sold...
Planner Harrington, now chairman of the Transit Authority's seven-man board, was as jubilant as Chicago's straphangers. He announced that he would start administering first aid to the surface and El lines as soon as the Authority takes them over, Oct. 1. After laying out $87 million to buy the lines, he would have $18 million left to work with...